[DMIC Financials]
ITEM I - FINANCIAL STATEMENTS
DIGITAL MICROWAVE CORPORATION
CONDENSED CONSOLIDATED BALANCE SHEETS
(In thousands)
December 31, 1999 March 31, 1999
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(Unaudited)
ASSETS
CURRENT ASSETS:
Cash and cash equivalents $ 29,114 $ 21,518
Short-term investments 35,342 5,745
Accounts receivable, net 85,217 60,253
Inventories 48,038 50,610
Deferred tax asset 2,554 3,009
Other current assets 9,544 12,827
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TOTAL CURRENT ASSETS 209,809 153,962
PROPERTY AND EQUIPMENT, NET 43,457 43,025
OTHER ASSETS 12,755 5,177
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TOTAL ASSETS $ 266,021 $ 202,164
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LIABILITIES AND STOCKHOLDERS' EQUITY
CURRENT LIABILITIES:
Current portion of long-term debt $ - $ 725
Current maturities of capital lease obligations 519 862
Accounts payable 32,400 25,116
Income taxes payable 1,541 1,399
Accrued liabilities 30,141 40,613
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TOTAL CURRENT LIABILITIES 64,601 68,715
LONG-TERM LIABILITIES:
Long-term debt, net of current portion - 1,896
Capital lease obligations, net of current maturities 20 340
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TOTAL LIABILITIES 64,621 70,951
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STOCKHOLDERS' EQUITY:
Common stock and paid-in capital 317,489 251,135
Accumulated deficit (110,604) (115,424)
Accumulated other comprehensive loss (5,485) (4,498)
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TOTAL STOCKHOLDERS' EQUITY 201,400 131,213
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TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY $ 266,021 $ 202,164
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